What Are Smart Goals?
SMART goals are defined as goals with specific criteria – criteria which are easily remembered by using the acronym SMART
What will the goal accomplish? How and why will it be accomplished?
How will you measure whether or not the goal has been reached (list at least two ways)?
Is it possible? Have others done it successfully? Do you have the necessary knowledge, skills, abilities, and resources to accomplish the goal? Will it challenge you without defeating you?
What is the reason, purpose, or benefit of accomplishing the goal?
What is the established completion date and does that completion date create a practical sense of urgency?
Regular goal: I want to save money.
SMART goal: I want to raise £5,000 (measurable) to start my own custom mug printing start-up (specific) so that I can quit regular employment (relevant) by saving £2,000 a year from my salary (achievable) for the next 2-3 years (time-bound).
Regular goal: I want to start a business.
SMART goal: I am going to set up an Etsy store to sell custom tee shirts (specific), which will allow me to make a living from my favorite hobby (relevant). Within 10 weeks (time-bound), I will have an inventory of 50 custom tee shirts to sell and aim to sell a minimum of five tee shirts per week (measurable), building customer relationships through word of mouth, referrals, and local networking (achievable).
Regular goal: I want to grow my business.
SMART goal: I will acquire 10 new clients (measurable) for my custom tee shirts (specific) within two months (time-bound) by launching a social media influencer marketing campaign and offering special discounts (achievable). This will allow me to grow my business and increase my revenue (relevant).
Regular goal: I want to increase sales.
SMART goal: To meet the sales objective of booking $100,000 in annual orders (relevant), five additional salespeople will be hired (achievable) to grow sales of (specific) by 5% in the first quarter, 10% in the second, 15% in the third and 20% in the fourth (measurable and time-bound).
Regular goal: I want to improve product quality.
SMART goal: To meet the company’s annual goal (time-bound) of reducing defects to less than 2% of shipped product (relevant), a new test and inspection procedure (achievable) will reduce the shipping of torn shirts by 10% per quarter (specific), with data tracked weekly (measureable).
Regular goal: I want to reduce staff absences.
SMART goal: To meet the practice goal (relevant) of a 50% reduction in staff absences (specific) by the end of the financial year (time-bound), management will implement a new reward system and more flexible working schedule (achievable), with attendance results tracked quarterly (measurable).
Regular goal: I want my customers to pay faster.
SMART goal: Eliminate mistakes in customer invoicing (specific), the key driver in long payment times (relevant), through new accounting system and clerical training (achievable), to be implemented over a three-month term (time-bound); results to be tracked monthly to stay on track to goal (measurable).
Regular goal: I want to reduce my business costs.
SMART goal: To meet the company’s cost reduction (relevant) goal of 20% (specific), management will focus on reducing production errors such as wrong designs (achievable), by 10% per month for six months, then 5% for six months (time-bound), tracked every two weeks (measurable).
Regular goal: I want to write a business book.
SMART goal: In order to establish myself as an expert (relevant), I will write a 350-page book on clothing (specific) by writing one chapter of 30 pages per month i.e. a page per day (measurable). The book will be completed in 12 months, (time-bound) and then I will self-publish on Kindle (achievable).
Regular goal: I want to become a well-known expert.
SMART goal: I will hire a PR firm and launch a publicity campaign (achievable) to establish myself within three years (time-bound) as a well-known expert in clothing and fashion (specific) who speaks publicly on the topic at least once a month, is interviewed every week and writes one article per month for a top industry publication (measurable). This will underpin my position as a thought leader (relevant).